By Adam Coleman

SYDNEY: Fisher & Paykel Appliances has confirmed today that it has successfully completed the institutional component of its equity raising to partly fund the recent acquisition of Elba S.p.A.

Following strong demand, a total of 12 million shares will be issued through this placement, to raise NZ$55 million (A$46 million). The placement price of NZ$4.60 (A$3.80) was determined by a bookbuild and represents a 2.2 per cent premium to the closing price on 14 June 2006.

"We are delighted with the success of the institutional placement and thank our new and existing institutional shareholders for their support at this exciting stage of Fisher &  Paykel Appliances’ international growth,” Fisher & Paykel CEO and managing director, John Bongard said. 

Deutsche Bank acted as sole bookrunner and underwriter for the institutional placement. Settlement of the placement is expected to occur on 23 June 2006. Shares issued under the placement are expected to commence trading on the NZSX and ASX on 26 June 2006. 

FPA will also offer eligible New Zealand and Australian registered shareholders the opportunity to subscribe for up to $NZ5,000 ($A4,198) worth of shares through a share purchase plan (SPP). The record date for the SPP is 19 June 2006 and further details of the plan are expected to be sent to shareholders in the coming week.